有色金属：海外季报：Kathleen Valley 项目 2024Q4 锂精矿产量环比增长 215%至 8.87 万吨，销量环比增长 651%至 8.13 万吨

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a strong performance expectation relative to the market index [6]. Core Insights - The Kathleen Valley project achieved a significant increase in spodumene concentrate production, with a 215% quarter-over-quarter growth to 88,683 tons and a 651% increase in sales to 81,341 tons in Q4 2024 [1][4]. - The average lithium oxide grade for the sold spodumene concentrate was 5.2%, with a record monthly production of 36,368 tons in December 2024 [1]. - The company has successfully delivered its first batch of spodumene concentrate to long-term customer LG Energy Solution, marking a significant milestone [1]. Summary by Sections Production and Sales - Q4 2024 spodumene concentrate production reached 88,683 tons, up 215% from the previous quarter [11]. - Sales of spodumene concentrate totaled 81,341 tons, reflecting a 651% increase quarter-over-quarter [11]. - The lithium oxide average grade shipped was 5.2%, with total concentrate inventories at 24,904 tons, a 50% increase from the previous quarter [2][11]. Financial Performance - The company reported a revenue of AUD 89.8 million for Q4 2024, a 674% increase compared to the previous quarter [4][11]. - The average realized price for spodumene concentrate was USD 806 per ton, down 5% from the previous quarter [4][11]. - Operating cash costs for spodumene concentrate were USD 652 per ton, with an all-in sustaining cost (AISC) of USD 763 per ton [5][11]. Operational Updates - The company updated its mining plan for the Kathleen Valley project, aiming for an annual production target of 2.8 million tons by mid-2026, focusing on cost reduction [9][10]. - The revised mining plan is expected to enhance profitability and reduce development and fixed costs [10]. - The anticipated operating costs for Q1 2025 are projected to be between AUD 775 and AUD 855 per ton for spodumene concentrate [10].